Tuesday, August 31, 2021
Weekly Chart of the S&P 500 Updated
We are updating our look at the S&P 500 via our favorite chart of SPY through Monday's close.
The Weekly Displaced Moving Average (DMA) Channel (Yellow Band) sees the current price above its channel. As such, bias remains positive.
Second, the Erlanger Volume Swing (EVS) is at 17.20 from 4.89. Above 0 is good and below 0 is bad. The current action remains positive.
Third, the Erlanger Crossover Spread (EC) Spread moves from pullback back to uptrend status.
Last, the Erlanger Trend Direction (ETD) remains at uptrend phase.class="article">So what is an investor to do here? We would recommend starting to lock in nice gainers and look for bargains. We have started adding new buys and are 84% invested.
Stocks Futures On The S&P 500 -1
Chart of the Week: Russell 2000 improves markedly thanks to last week’s strength. A move above $230 would cement the positive action.
Earnings Out After The Close
Beats: NDSN +0.34, ZM +0.20
Misses: STNE (1.45)
IPOs Priced or News: DoubleDown Interactive (DDI) priced at $18 a share which is at the low end of range of $18 to $20.
New SPACs launched:
Secondaries Priced: None of note.
Notes Priced of note: None of note.
Common Stock filings: SMED of note.
Selling Shareholders of note: PAR AGL of note.
Private Placement of Public Entity (PIPE): None of note.
Mixed Shelf Offerings: None of note.
Convertible Offering & Notes Filed: HD of note.
Note Offerings Filed: None of note.
Capital Raise Summary From The TradeXchange, bringing traders and investors real time news and Squawk Box, and other sources.
News After The Close:
Tradeweb Markets (TW) names Sara Furber as CFO.
Novavax (NVAX) issue CDC guidance on their Covid-19 clinical trial participants, hit all end points.
Last U.S. troops have now left Afghanistan.
Index Changes: To S&P 400: APPS PFGC To S&P 600: LGND THS
After Hours: + APPS +10% AZRE +7% LGND +5% THS +5% PFGC +5% SMRT +4% and – ZM -12% STNE -3%.
Dividend Increases: CSR ATRI
Higher Guidance: (After the Close) NDSN (This Morning)
Mixed Guidance: (After The Close) ZM
Lower Guidance: (After The Close) (This Morning)
Buyback Announcements: MRBK
What’s Happening This Morning: Futures value reflects the change with fair value.
S&P 500 -6 Dow Jones Industrial Average -38 NASDAQ -19 Russell 2000 -4.39. Fair values are mixed. Asia higher and Europe lower. VIX is at 19 from 18.88 in futures. VIX closed at 16.19 from 16.39. Gold, silver and copper higher. WTI Crude Oil and Brent Oil Futures lower. Natural Gas is lower. $ is lower vs Euro, lower vs Pound and higher vs Yen. US 10 year Treasury price is at $133.452from $133.89 with yields at 1.292% from 1.314% yesterday morning. Bitcoin at $47,977 from $47,650 on Monday morning, trading at $-559 or -1.15%.
Monday’s Action – 8/30 Close.
Positive Sectors On Monday: Technology, Real Estate and Communication Services of note.
Negative Sectors On Monday: Financials, Energy and Industrials of note.
One Month Winners: Technology, Consumer Cyclical and Materials of note.
Three Month Winners: Energy, Real Estate and Healthcare of note.
Six Month Winners: Real Estate, Communication Services, Energy and Financials of note.
Twelve Month Winners: Materials, Communication Services, Industrials, Financials and Energy of note.
Year to Date: Energy, Communication Services, Financials, Real Estate and Industrials of note.
Stocks were mostly higher ex the Dow and Russell 2000, Bonds were higher, U.S. Dollar higher and Commodities lower ex crude oil. Updated 8/30 Close.
Upcoming Earnings Of: (sorted by market cap, highest to lowest with most visible names)
Today After the Close: CRWD, PLAN, PVH, HRB, CAL of note.
Wednesday Before the Open: CPB, PDCO, DY, CONN, GOTU, VRA of note.
Earnings of Note This Morning:
Beats: DBI +0.38, NTES +0.13
Misses: AMWD (0.78)
Still to Report: none
Insider Purchases: One name has high short interest but Short Sellers are smart short sellers in NAUT. Update 8/27/21
Erlanger Research Advance/Decline Chart –Updated through 8/30 close. The Daily A/D Line is trying to rally past the mid August high.
Gap Ups & Down In Early Pre-Market:
Gap up: SPOK +21%, APPS +11%, RLGT +9%, AZRE +7%, GLPG +6%, THS +5%, LGND +5%, DAO +5%, CTKB +5%, PFGC +5%
Gap down: ZM -12%, STNE -7%, INSP -6%
Rags & Mags: Highlighted Stories may be clicked through to the original story. Repeated stories from prior days never listed, i.e. “rehashed news”.
Stocks making the biggest moves ZM HOOD DBI CHS TXT UBER . (CNBC)
Overnight Repo comes in at $1.10 trillion.
Covid-19 Data sees 156,742 cases versus 157,450 cases. 88,009 hospitalizations versus 79,3107. Deaths 1,329 versus 1,120. NO UPDATE ON TUESDAY AS STATES ONLY PARTIALLY REPORT.
Several House members wrote to President Biden stating they do not want Federal Reserve Chairman Powell renominated. (Bloomberg)
More than one million people in Louisiana have no power. (NYT)
CDC endorses full approval of Pfizer (PFE) vaccine. (CNBC)
Moderna (MRNA) creates twice as many antibodies as Pfizer (PFE).
Vaccine hesitancy is on the decline as more adults say they will get vaccinated.
Robinhood Snaps looks at sports stars embracing NFTs to unlock fan economy. Zoom (ZM) growth slows.
Moving Average Update
Score at 100% still.
The President receives the President’s Daily Brief, 9:30 a.m. EST
The President and The Vice President meet with their national security team to receive intelligence, security, and diplomatic updates on the evolving situation in Afghanistan, Situation Room, 10:30 a.m. EST
The President delivers remarks on ending the war in Afghanistan, State Dining Room, 1:30 p.m. EST
Press Briefing by White House COVID-19 Response Team and public health officials, 2:00 p.m. EST
Press Briefing by Press Secretary Jen Psaki, 2:30 p.m. EST
Fed Speakers – None of note today.
July S&P Case Schiller Home Price Index is due out at 9:00 a.m. EDT and is expected to come in at 17.6% from 17% in June.
August Chicago PMI is due out at 9:45 a.m. EDT and is expected to fall to 68 from 73.40.
August Consumer Confidence is due out at 10:00 a.m. EDT and is expected to fall to 123 from 129.10.
Weekly API Petroleum Data is due out at 4:30 p.m. EDT.
Walker & Dunlop (WD) to buy Alliant Capital for $696 million.
Acacia Research (ACTG) to buy Spok (SPOK) for $10.75 a share.
Meeting & Conferences of Note:
Sellside Conferences: Citi Asia TMT Conference (8/26-9/1) Commerzbank Sector Annual Corporate Conference (8/30-9/2) UBS China A-Share Virtual Conference (8/30-9/1) Credit Suisse China Internet C-Level Conference (8/30-9/1) Jefferies Semiconductor, IT Hardware & Communication Infrastructure Summit (8/31-9/1) Stifel Transportation Conference (8/31) UBS Japan in Focus (8/31-9/2)
Company Meetings: SCS (Fireside Chat) WD NNA NMM (Conference Call)
Conferences of Note: None of note.
Upgrades & Downgrades: Today recs see 11 upgrades and 1 downgrade.
Monday Recommendations Of Note
Zoom Video Communications, Inc. Class A (ZM)
by Superstock Investor
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